The Five Richest Saudis

By Robert Frank

Even though the rich are declining, national “rich lists” are on the rise.

The latest is the Saudi Rich List, compiled by Arabian Business. The list, which is the publication’s first, ranked the Kingdom’s top 50 billionaires and millionaires.

Bloomberg News

Prince Alwaleed bin Talal and Bill Gates during a meeting in the George V Four Seasons Hotel in Paris.

Needless to say, rich lists (and especially Saudi Rich lists) should be taken with a grain of salt. It is practically impossible to know what someone is really worth, given private businesses, illiquid assets, debts, collections and assorted Swiss bank accounts.

Still, they can be useful as general approximations of who has large fortunes and who doesn’t. And they make for fun reading.

Here is the top 5 on the Saudi List. (And yes, the Bin Laden family listed is that Bin Laden family).

1–Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, $16 billion.
Prince Alwaleed, a frequent interviewee on CNBC, is the highest-profile businessman in the Middle East and owns chunks of Citigroup, Apple and News Corp., which publishes this Web site. The publication says his net worth used to be $28 billion, but even after losing $12 billion, he still tops the Saudi list.

Of course, that $16 billion compares with Forbes’ $13.3 billion estimate of March. The Prince is clearly on a PR offensive to prove his worth after the Citigroup losses: He invited Forbes to spend a week with him earlier in the year to demonstrate that his wealth was higher and he gave “unprecedented” access to Saudi Business.

2–Mohammad Hussein Al Amoudi, $8.8 billion.
Born in Ethiopia to a Yemeni father, Mohammad Al Amoudi was raised in Saudi Arabia and is one of the largest foreign investors in Sweden and North Africa. He is in oil, mining, agriculture, hotels, hospitals, finance and real estate, mostly through his operating companies Corral Group and Midroc Group. He also bankrolls the national soccer team in Ethiopia.

3–Sheikh Mohamed Bin Isa Al Jaber, $8.5 billion.
Mohamed Al Jaber’s MBI International owns real-estate, oil and food companies throughout the world. It includes Jadawel International, JJW Hotels & Resorts, and the AJWA Group, one of the largest food companies in the Middle East. It also includes Continentoil, and oilfield services and management company with offices in the U.S. and U.K.

4–Nasser Al Rashid, $8 billion.
Perhaps best known for his megayacht, the 344-foot Lady Moura, which, before the Russians came along, was something to brag about. Not much else seems to be known about him, other than that he is an adviser to the Saudi royal family.

5–The Bin Laden Family, $7 billion.
The Saudi Bin Laden Group towers over the Middle East construction business through its Saudi Bin Laden Group. Its Dubai arm is building two new cities in Djibouti and Yemen, along with a bridge to connect them. The company has also started forging ties to China. The company’s founder, Mohammed Bin Laden, left 54 sons and daughters from several marriages. Thirteen of his sons sit on the board of the family’s business—the most prominent being Baker, Hassan, Islam and Yehya. Baker, Mohammed’s second son, is now head of the company.

Comments (5 of 16)

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About The Wealth Report

The Wealth Report is a daily blog focused on the culture and economy of the wealthy. It is written by Robert Frank, a senior writer for the Wall Street Journal and author of the newly released book “THE HIGH-BETA RICH.”